President Joe Biden wants to up Medicare taxes on income over $400,000 in new budget plan. He also wants to expand Medicare's ability to negotiate lower costs for prescription drugs, according to advance details of his budget proposal.
wants to increase taxes to boost funding for Medicare and expand the program’s ability to negotiate lower costs for prescription drugs, according to advance details of his budget proposal being released later this week.
Biden is scheduled to release his budget proposal on Thursday in Philadelphia. Pushing the proposal through Congress will likely be difficult, with Republicans in control of the House and Democrats with only a slim majority in the Senate.
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